Topic: Barriers preventing you from using bitcoin today/advantages of using bitcoin? (Read 517 times)

I think the two of the best advantages of Bitcoin is its accessibility and easy-to-use payment system. Thanks to its mobility, we access our Bitcoin wallet from electronic devices like phones, laptops etc. and make our transactions so easily. The one of the most I liked features on Bitcoin is that there is no need to carry cash or credit card.

It is convenient to know the taxes that can be applied to Bitcoin and crypto to be aware of what comes with the regulations. The legal use of Bitcoin in each country will depend on the laws that those countries pass in a way to collect taxes.
In my country, no laws have yet been passed, but we do know that legislators are working on it.

The following article titled Cryptocurrency Taxes USA: Your Guide to Crypto Taxes for 2020.

https://www.exodus.io/blog/cryptocurrency-taxes-usa/#head14

It shows us a vision of how crypto will work when taxes are applied.

"Crypto, like property, is usually considered a capital asset that can be subject to capital gains tax."

BTCBTCThe number one reason why I can hardly spend my Bitcoin is that there are almost no market, stores, and other businesses which are accepting Bitcoin. However excited I am to try to experience spending my Bitcoin in an actual purchase of goods and services, I am always confronted with the reality that these purchases can only be done online for now. And even online, purchases using Bitcoin is very limited.

For me the barriers preventing people from using bitcoin today is being high risk and lack of usage like in payment for goods and services. Only few stores accept bitcoin then the transaction fee is too high. But I think if bitcoin will become more develop and can be accepted anywhere and government will legalize it, the barriers will become minimal.

My current barrier to using bitcoins is that they fluctuate in value and it doesn't make me feel safe. There are many reasons for the volatility of value such as speculation, bitcoin derivatives ...
People are looking at bitcoins as short-term investments and selling them at a profit, and they continue to do so in the future.
The rules for using bitcoin are clear and the government wants to control the flow of money.
The cost of sending Bitcoin is also an issue as it is usually from $ 1. It doesn't look good when I use it regularly.
The benefits of bitcoin are convenience and ease of use. Bitcoin can help me transfer money across countries for low fees but instant liquidity.

The barriers are certain and varies depending upon the location you were up to because there are certain countries who have issues in legalization of using Bitcoin and the whole cryptocurrency as a whole which is the main and number one barrier you can meet that will certainly prohibit you from obtaining and using any kind of cryptocurrencies even Bitcoin. There are also some cases that Bitcoin is legally used but cannot be used as payment option due to some matters. There are also cases like there is difficulty on adapting which leads to the lack of accessibility on which you have obtained Bitcoin but cannot use it directly for payment options because it is still not massively adapted so you need to still convert it into national or local currency before you can use it for payment methods. Those were some but the most common barriers I know and the last one I have stated is my current situation and barrier I am experiencing for many people do know about crypto but are afraid to get engage which makes us have difficulty on doing mass adaption leading to lack of accessibility on using our Bitcoins directly as payment options.

Agree, and if anyone expects more options to just pop out of nowhere, and I mean some sort of platform that accepts bitcoin and gives out fiat to businesses that want to dive into it without fully embracing bitcoin, well, it's just centralization with extra steps. We have to wait until bitcoin is more widespread for online payments to be more accesible in btc.


Yeah, I agree iwth this deeply, there's just some solace that if all goes to shit I still own and control my stuff and not some guy elsewhere.


PayPal sounded like a good idea when it was first introduced, but there are very high fees for cross country purchases which kind of defeat the point of a global payment network. This is my reasoning why bitcoin is better.

ALso it's not just paypal, but whatever payment platform out there.

But if we come to think of it, there are only few countries who does not support bitcoin or worst they against it at all like countries who put bitcoin on a ban list. Yet, we can't blame merchants for having bitcoin payment method coz we all know how risky it is when they do that. This is why I don't think that bitcoin will make it to the mainstream such as being spent on a daily basis, or just even merchants accepting bitcoin.

That's a factor, not a disadvantage at all coz there are many people who benefits from bitcoin from spending it. To spend bitcoin is to have a supportive environment, this plays a vital role in adopting bitcoin as a currency but you are right bitcoin is now a digital asset instead of a currency.

 Lots of benefits that were mentioned in the list are really true. And most of them were preferable to me that is why Bitcoin made me to be so interested in it one day. But as for my country there is not so much things and services that you can buy or pay for. I even would admit you can buy something may be via some private way in order you and the opposite person are decided to do so. Because  crypto officially  were not allowed nor forbidden here. Only this year crypto should be mentioned in your declaration of your income but nothing else. No other regulations or allows to use crypto officially. Lots of people prefer not to use it for lots of other eyes seeing. ))) But in case it is something online - yes, of course Bitcoin and crypto have lots of more suitable moments for people and for me in comparence with banking cards.

More number of cryptocurrency users are available with difference of opinion regarding the cryptocurrency markets. More and more advantages of the bitcoin is analysed, along with identification of bitcoin on different needs. As of now the banks were the one to stand against the growth of cryptocurrencies. This will slowly change.

There is support for the banking system, but it is not so obvious. The liquidity of bitcoin still depends on its binding to the value of the Fiat currency. gold is also involved in these processes. As long as there is money and its value, there will also be bitcoin, as an alternative to the generally accepted calculation option.

The most common barrier for me and for others I think is the lack of local merchant that is accepting bitcoin or other cryptocurrencies as a payment for their product and services though there are some online services that make it easier for other people to accept or to spend the bitcoin they have, But thinking ahead, Bitcoin will surely be adopted by many merchants as bitcoin grow, It's just the same as Paypal before who is not accepted by the most merchant but it came to the time that it is adapted by them due to convenience and trend.

There are many advantages that I see from cryptocurrency, Volatility is one of them since I am trading crypto and as a trader that starts on stocks before, I make more profit in the volatility of crypto hodlings than my stock assets.

As a crypto believer, I believe that bitcoin will eliminate the problems that are existing today. It's just no one can stop me from using crypto. I feel comfortable here, Why would I leave?

Last five years, what brought me to Bitcoin was because PayPal wasn’t offering their services to our country. I took my job online back then and other means of receiving payments back then wasn’t something that works for other countries; most of my clients were always requesting for PayPal, and PayPal wasn’t available for me, so I had to use banks and before the money will arrive, banks will take off huge amounts from it due to their annoying fees.

So, I had to look for other means and then came across Bitcoin, and it seemed different. I did my proper research and for days I was studying about Bitcoin to understand what it’s all about. Bitcoin really helped me and the advantage for me was that the transaction was almost instant for receiving money from around the world, unlike banks, and the fees are so cheap.

I like that it can't be stopped because there are so many different miners mining all over the world. It is not as if it is a few companies mining and if they disappear, bitcoin disappears. That security feels good. The fact it is not in the hands of companies or governments. Being in control and not needing any external help like you do when you set up a bank account. Spending and using it is also easy and fun. Again no reliance of a banking system which is great.

For me the biggest barriers to being able to spend Bitcoin, is not the absence of merchants that accept Bitcoin payments.
But the government of my country forbids using Bitcoin as payment, this prevents me from being able to feel benefit from
using Bitcoin payments. Therefore, I can only use Bitcoin as a digital asset for the time being.

Why would it affect the economy of a country? If Bitcoin has the power to do so, then what do we say about precious metals which are way more known and used?

Volatility is a risk you agree with ever since you purchase or earn your first satoshi. Bitcoin has an entire history of volatility, so there's almost no way one can purchase BTC without knowing it. Once you have your first coins, you already know their value will change second by second.. but this is why I said it'll probably never be the perfect replacement of fiat. It just wouldn't work.

that's unfortunately what drives me towards using huge companies like amazon, walmart, whole foods---they're big enough that i can at least buy gift cards with bitcoin. i do like spending bitcoin, particularly after it has significantly appreciated in value, and while i love supporting local shops, mom and pops etc that is the reality of it.


i wouldn't mind paying lower fees and waiting several hours for the order to be fulfilled. that can unfortunately cause errors on the merchant side, as i have experienced, so it's true that i usually pay higher fees than i'd like to ensure timely confirmation. in truth though, it doesn't have a major effect on someone like me, who really only spends/sells after significant capital gains. the fees are pretty negligible compared to the gains, so it's an afterthought.

I can't use Bitcoin as a payment method in my country, Indonesia.
however, I can trade it as an asset.

even if I can use it to pay my daily needs, I won't use it.
I don't want to pay a high fee for microtransactions.
also, I don't want to wait for the block confirmations

oh, sometimes you feel bad to use bitcoin as payment because of the volatility.
especially, when you think you have paid more than the price you should pay because the bitcoin price goes up.

I am a fan of cashless payment, I prefer to use a centralized digital wallet at the moment.

One of the biggest factor why many of us still refuses to use bitcoin or any other crypto currency to use in our daily lives is it's VOLATILITY because we cannot predict whether it will at it's highest value today or it will be at it's lowest value tomorrow that's why a lot of countries are not in favor on using bitcoin because somehow it can affect the economy of a certain country.

Besides decentralization and more privacy, there are probably more advantages with cash/card payments than there are with BTC when it comes to payments. The balance inclines towards an advantage of fiat vs crypto most of the times: it's instant, easy to pay, very very hard to pay at a POS and have your funds go towards a completely different card, it's waay easier to make older people understand how it works etc.

However, I personally think decentralization and more privacy outruns the fiat advantages over the long term. Think about it: you can have a Bitcoin cold wallet for savings that you will use for 20 years straight and there will be zero fears of your money being seized. You can transfer literally a billion bucks to the other side of the world and nobody'd know a thing if you do it the right way.

But the thing is, I don't think it'll ever really be a reliable fiat replacement. I can only see it right now as a store of value; for it to become a mainstream currency as in a replacement of USD and other fiat currencies, you'd need either centralization or a technology that doesn't exist yet.

So I sincerely believe Bitcoin has a tendency more towards a "digital gold" kind of asset than the perfect solution for a cashless society. Moreover, the decentralization may be a big advantage to us as users of it and citizens of various countries, but in the end if you think about it.. governments will never agree to lose control over something as important as money. That would not only be something that's never happened before, but also something very very risky.